ONEX completes acquisition of a 221 MW wind portfolio in Portugal from EDP Renewables

ONEX Group has closed the acquisition of a 221 MW Portuguese wind portfolio previously owned by EDP Renewables. The portfolio consists of five operating wind farms with an 18-year power purchase agreement and an estimated enterprise value of more than €500 million.

The transaction involved a host of advisers including J.P. Morgan, Banco Santander, Allen & Overy, Baker McKenzie, Cuatrecasas, Linklaters and KPMG. ONEX appointed Exus Management Partners to support the sourcing, structuring and execution of the deal, including the syndication process and financing provided by Banco Santander. Exus oversees asset management and performance monitoring for the portfolio.

“We greatly value our relationship and long-term plans with ONEX. We look forward to supporting ONEX as they advance their ambitions in the global transition to clean energy.” — Carlos Tello Garcia, Co-founder, Exus

ONEX also acquired stakes in three further wind projects: two 24 MW wind farms in Zaragoza, Spain, in partnership with Enel Group, and an 8 MW regulated wind portfolio in Portugal in partnership with Exus.